SE Asia Stocks -Lower amid weak global outlook; Thai Airways up
BANGKOK, Oct 8 (Reuters) - Most Southeast Asian stock markets edged down on Wednesday amid worries about weaker global economic outlook and a fall in regional currencies but shares of Thai Airways International rallied on expectation of a fourth-quarter profit. The International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday, warning of weaker growth in core euro zone countries, Japan and big emerging markets like Brazil. Asian stocks eased with MSCI's broadest index of Asia-Pacific shares outside Japan down about 1 percent. Most emerging Asian currencies fell as concerns over slowing global growth hurt risk assets. The Jakarta Composite Index was an underperformer, down 1 percent as the rupiah hit its weakest in more than eight months. Foreign investors were net sellers of large caps such as Bank Rakyat Indonesia and Bank Mandiri , Thomson Reuters data showed. Singapore's stock index fell for a second day with the local currency easing on selling from hedge funds. The Thai SET index was flat at midday, recouping early losses, led by a 5.8 percent gain in Thai Airways after a newspaper reported the airline would report a loss for the third quarter but return to a profit in the fourth quarter. Index heavyweights such as Advanced Info Service and PTT Exploration and Production led among losers, weighed by a downbeat fund-flow outlook and a weakening local currency. "Capital outflows will be the key factor to impact the SET today as markets in the U.S. and Europe declined overnight and the region is in the red this morning," strategists at broker Krungsri Securities said in a report. Malaysia's main index was down 0.3 percent, hovering around the lowest level since March 25. Its 14-day Relative Strength Index (RSI) was at 31.4, close to an oversold level of 30 or below. Investors also awaited details of the 2015 budget to be presented by Prime Minister Najib Razak on Friday. "This budget will be keenly watched as it could mark another step towards fiscal consolidation following the efforts from last year's budget as well as the recent cuts in fuel subsidies," DBS Group Research said in a report. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0551 GMT Market Current Prev Close Pct Move Singapore 3231.53 3243.99 -0.38 Kuala Lumpur 1828.23 1833.54 -0.29 Bangkok 1539.40 1539.39 0.00 Jakarta 4980.26 5032.84 -1.04 Manila 7199.86 7239.38 -0.55 Ho Chi Minh 612.42 614.08 -0.27 (Reporting by Viparat Jantraprap; Additional reporting by Yantoultra Ngui in Kuala Lumpur; Editing by Subhranshu Sahu)
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